Lodging REIT Goes Private

Hotel REIT Boykin Lodging is going private. Earlier today, the Cleveland-based REIT announced its sale to Canadian joint venture Westmont Hospitality Group and Cadim, Inc. for roughly $416 million (or $11 per share) in cash.

Two resorts owned by Boykin will not be sold: The Pink Shell Beach Resort and Spa in Fort Myers Beach, Fla. And the Banana Bay Resort & Marina in Marathon, Fla. Boykin Lodging owns 21 hotels located in 13 states.

Boykin’s board of directors has approved the deal, which is expected to close before September